VR market
The VR market is mainly driven by the enhanced features of the technology, it has improved the performance of 3D multimedia. Increasing adoption of VR technology in various sectors such as training and education, automotive, healthcare, entertainment, and live events, is successfully implementing positive impacts on market growth. Moreover, increasing the smartphone consumer base & introduction of various applications on the smartphone is considerably driving the market growth. Technological advancement in VR technology along with its utilization in extreme training further augments the growth of the market.
COVID-19 outbreak fuels the demand for VR solutions globally
As the COVID-19 outbreak grounds, millions of people across the globe and continuum of businesses is essential, advanced technologies such as VR and other new-age technologies are increasingly in demand. VR gears enable a person to get a feel of walking into a conference, or an expo, or watching a product demo by just sitting at a place in-home, which has become a necessary amid the COVID-19 outbreak. Several players that are developing and selling these VR gears are speeding up roll-outs and also expanding their product lines to meet consumer demand. Players such as Hyderabad-based Imaginate and Gurgaon-based Queppelin are seeing unprecedented demand for VR, augmented reality (AR), and mixed reality (MR) technology from companies based in India and abroad.
According to the Imaginate, demand for VR solutions has spiked more than two and a half times in February 2020. Manufacturing companies generated more demand as this vertical need to constantly train their staff, but may not have the option to send physical trainers due to lockdown. Moreover, remote troubleshooting for high-end machinery is also driving the demand for VR gears in the manufacturing sector. At Quess Corp., around 380,000 grounded employees are getting training sessions about sales on their phones. Gears equipped with advanced technologies such as artificial intelligence provide them feedback on how they are communicating and where they can improve. Additionally, companies including Queppelin are witnessing an increased demand for VR solutions as the need for virtual meetings becomes essential these days. Queppelin is developing VR solutions for an India-based Bluechip Corporate Investment Centre Ltd.
VR solutions can help in situations where precision is required and also these solutions enable people to concentrate better during meetings and lectures. Many educational institutions based in India are considering VR solutions to conduct lectures amid the nationwide lockdown. Moreover, many of the verticals are realizing the importance of visual communications than communication just over a phone, which is prompting companies to use tools such as Skype and Zoom for the same. Online grocery stores such as Bigbasket has also stepped up the use of tools such as Zoom, Google Hangouts, and Skype.
OMR Global Recently Published Report on: https://www.omrglobal.com/industry-reports/virtual-reality-market-size
The Report Covers
- Comprehensive research methodology of the global VR market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global VR market.
- Insights about market determinants that are stimulating the global VR market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Market segmentation
- Global vr market on the basis of components
- Global vr market on the basis of systems
- Global vr market on the basis of application
- Global vr market on the basis of platform
To Learn More About this Report Request a Free Sample Copy @https://www.omrglobal.com/request-sample/virtual-reality-market-size
